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Section 50 Inapplicable Without Depreciation Claim on Depreciable Assets: Karnataka HC
Case Law Details
- Case Name
- PCIT Vs Swetha Realmart LLP (Karnataka High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Karnataka High Court
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PCIT Vs Swetha Realmart LLP (Karnataka High Court)
Mere nature as depreciable asset insufficient without actual Depreciation claim to apply sec 50- Karnataka High Court
In this case, the dispute revolved around whether Sec 50 , which governs taxation on capital gains from the sale of depreciable assets, should be applied in the assessee’s case.
BACKGROUND:
Assessee sold a property comprising land & a constructed shed/building. Dept argued that since the property included a depreciable asset (the building), any profit from the sale should be treated as short-term capital gain u/s 50...
Author Info
The sentence in the decision:
“It hardly needs to be stated that there need to be perennial claim for depreciation”
The word “ NOT” appears to be missing in this sentence.
Apparently the court intended to tell that
“It hardly needs to be stated that there need NOT to be perennial claim for depreciation”